North Shore Completes 22-Building Atrium Deal; Dwight Closes $50.8M Financing in N.J.

North Shore Healthcare officially completed its acquisition of 21 skilled nursing and assisted living facilities formerly operated by Atrium Health & Senior Living.

The Glendale, Wis.-based North Shore now has 71 SNFs and assisted living communities in Wisconsin, Michigan, Minnesota, and North Dakota, according to the operator’s December 1 announcement.

Atrium had 33 SNFs and assisted living facilities put into receivership last year, with the court appointing Michael Polsky of Beck, Chaet, Bamberger & Polsky in Milwaukee as the temporary receiver.

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Health Dimensions Group of Minneapolis served as the operating consultant during the receivership process, in which a third party assumes control until a new permanent operator can be found. North Shore was first announced as the next provider last month, pending formal court approval and the issuance of licenses from the Wisconsin Department of Health Services.

All 22 facilities will receive new names as part of North Shore’s footprint.

“With this acquisition, we have the unique opportunity to serve residents in communities new to North Shore, as well as develop synergistic relationships between our new and existing locations,” North Shore CEO David Mills said in a release announcing the closing of the acquisition. “Here we can provide resources and programs that benefit residents and their families, our employees, and our acute-care and ancillary partners.”

Dwight Capital Closes $50.8M SNF Financing in New Jersey

Dwight Capital provided a Department of Housing and Urban Development (HUD)-backed Section 232/223(f) loan of $50.8 million for a SNF in the Philadelphia suburb of Cherry Hill, N.J.

The 246-bed Silver Healthcare Center has five units, including a 40-unit behavioral management unit, 20-bed ventilator care unit, a substance abuse facility, and a dialysis unit.

Massachusetts SNF Changes Hands

The 79-bed Fitchburg Gardens in Fitchburg, Mass., was sold for $2.5 million from one limited liability corporation (LLC) to another.

The Worcester Business Journal first reported the news.

The facility was sold by the LLC Fitchburg Gardens Holdings, which was registered to the Fitchburg site while having managers in various New York locations: Mordy Lahasky of Lawrence; Joshua Farkovits of Brooklyn; Akiva Glatzer of Valley Stream; and David Gamzeh of Spring Valley, the WBJ reported.

The buyer, 94 Summer Street LLC, is registered to Ephram Lahasky of Lawrence, N.Y., and Akiva Horowitz of Springfield, N.J. The sale closed on October 17; the facility was last assessed at almost $2.8 million, the WBJ reported.

*An earlier version of this story incorrectly gave the number of buildings involved in the North Shore transaction. It is 22, not 21. SNN regrets the error.

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